According to the “2017 Hiscox Online Art Trade Report” released last week, the online art market continues to show strong growth—up 15% to $3.75 billion in the past year—against an otherwise slowing global art market. The report further states that the online market has not even begun to wake up, with continued growth expected to reach nearly 2.5 times current sales by 2021.
Of course, what makes the online art market exciting for today’s buyer is having access to more of what is available out there in the world—particularly appealing to the 30 to 55 age market. The report mentions that first time buyers are still showing some hesitancy to buy online, but that 60% of those who are, they are purchasing paintings and fine art photography online primarily in the under $5,000 price range. The further good news is that the gallery segment of existing online buyers, those who have purchased more than a single piece of art online in the past 12 months, has increased to 65%. This growing number demonstrates the value and loyalty of online art buyers.
As can be expected, both potential buyers and existing art buyers are discovering online platforms through traditional mediums, including media articles and word of mouth. However, 45% also said they find new online platforms through social media, particularly Instagram, with per visit clicks reporting showing visitors on average spend ten or more minutes per visit.
Representing the work of accomplished photographers, After White is proud to be an exclusive online platform offering only fine art photography relevant to today’s buyers. Both private buyers and trade persons have access to lightboxes to store and share favorite images, with opportunities to customize work.
Featured image: Water Element